Trends in US consumers’ financial well-being sentiment stay downward
Globally, financial well-being sentiment continues to recover from 2022 lows, but the recovery’s pace is losing momentum. The global financial well-being index decreased to 102.4 in July, down from 102.8 in June, and down from 104.5 a year ago.?
Financial well-being held steady among US consumers in July, signalling a pause in its month-on-month drop, Deloitte’s latest ConsumerSignals survey found.
However, broader trends remain downward.
Despite this, discretionary spending intentions have strongly rebounded for three months in a row, implying consumers may be selectively reengaging in non-essential spending.
The ConsumerSignals survey explores consumer spending behaviour and the drivers behind it in over a dozen nations.
Consumer expectations in the United States of higher prices in major categories like gas and groceries have steadily climbed through the year, possibly suggesting consumers are bracing for an ongoing cost-of-living squeeze.
Despite the reported erosion in financial confidence, discretionary spending intentions have strongly rebounded for three consecutive months in the country, revealing an apparent divergence between how consumers feel and how they intend to spend, the survey data revealed.
The data suggest consumers may be selectively reengaging in non-essential spending.
Fibre2Fashion News Desk (DS)
